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Retirement Singapore CPF

Parents- Here’s how you can check your child CPF account with ease now

parents-heres-how-you-can-check-your-child-cpf-account-with-ease-now

Hey parents, did you know that every Singapore citizen newborn has a CPF account? That’s right, under the MediSave Grant for Newborns scheme, all Singapore citizen babies born on or after 1 Jan 2015 will automatically receive $4,000 in their CPF MediSave accounts. When I first became a parent back in 2018, I recalled that I could only view my child’s CPF statement after completing a manual application form to link her CPF account to mine. The entire process was manual and rather archaic in the digital world that we live in today. The good news is that CPF has simplified the process – all you need is your Singpass! Parents, you might want to take note of how you can check your child’s CPF account with ease now!

How to check your child’s CPF account

Parents can simply log in to my cpf digital services with their Singpass to view their child’s CPF transaction history, as well as healthcare payments and claims. Here is a step-by-step guide on how to check your child’s CPF account.

1) Log in with your Singpass at cpf.gov.sg. Thereafter, go to “my cpf” and click on “Child” under “My dashboards”

my-cpf-digital-services-dashboard-child

2) Select the name of the child from the drop-down function as shown

child-dashboard

3) You will be prompted to make a declaration

child-dashboard-declaration

4) After the declaration, you will be shown the child’s current CPF balances. In addition, you can also view the latest transactions, healthcare payments and claims that occurred during the last 15 months as shown below.

cpf-child-dashboard-transaction-payment-claim

Of course, the user experience to view your child’s CPF account from the mobile phone is equally seamless.

Managing my child’s CPF

Being able to check and view a child CPF’s statement regularly is particularly important to a group of parents – those who perform cash top-ups into their child(ren)’s CPF accounts. I count myself amongst those as I regularly take her annual angbao and birthday monies to top up her MediSave Account. This is my rationale for doing regular cash top-ups into my child’s MediSave Account (MA):

i) Up to 5% interest rate for the cash topped up into her MediSave – On top of the base interest rate of 4% p.a that the MediSave monies can earn, the first $60,000 of combined balances in the CPF earn an extra interest of 1% p.a. as shown in Diagram 1. This means that my child’s MediSave savings can grow at up to 5% p.a.!

cpf-accounts-interest-rate-bonus

Diagram 1: Interest rates for the respective CPF Accounts

 

ii) The top-ups that I made to my child’s MA can be used to pay for the premiums of healthcare insurance such as MediShield Life or private Integrated Shield Plans (subject to Additional Withdrawal Limits). MediSave can also be used for recommended vaccinations under the National Childhood Immunisation Programme. And if there’s ever a need, these savings can cover medical expenses incurred from hospitalisations, approved day surgeries and selected outpatient treatments.

iii) In fact, with the cap on MA cash top-up being replaced from CPF Annual Limit to the Basic Healthcare Sum, there is a chance for interest to flow into the next bucket, the Special Account. This gives my child a valuable headstart in saving up for her future needs.

I must emphasise that there is no tax relief for the parents (giver) who perform a cash top-up to their child(ren)’s CPF. Despite so, I regularly top up my daughter’s MediSave Account with cash, as I believe that it is a rock-solid and disciplined way to guarantee a financial headstart for her in life. Along the same vein, that is also the reason why a small group of parents choose to make a voluntary contribution to all 3 CPF accounts for their children. This has allowed them to accumulate a good amount of CPF savings at an early age.  Afterall, funds in the Ordinary Account can eventually be used for housing, while funds in the Special Account can form part of the retirement nest egg.

Conclusion

With the latest CPF child dashboard, it has become extremely convenient and easy for me to check my daughter’s CPF balances, latest transactions and healthcare payments and claims. I am so glad that this improvement has been made. Now, parents no longer need to go through the hassle of filling up application forms to view their child’s CPF account ever again!

Disclaimer: This article is written in collaboration with CPF Board but the views expressed here are entirely my own.

 


1 Comment

« What’s The Difference Between A Cash Top Up To My CPF SA and MA?
Apply For SCB Smart Credit Card And Receive Free Ergotune Classic Chair Or $300 Cash »

Comments

  1. Guo Bing says

    January 17, 2022 at 9:55 pm

    Hi Alison,

    I have a suggestion.

    You can consider to display the date of your post at the top of your post so your readers will know when the post was published.

    Reply

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Hello there, I am Heartland Boy! I am always thinking about how I can improve my financial literacy in order to achieve financial independence. This is the place to be if you are hungry for financial independence (sometimes good hawker food as well) and foolish enough to believe in the musings of Heartland Boy. Read More…

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